subject: Revenue Cycle Management, Management Solutions, Turnkey Solutions [print this page] Outsourcing is the most prevalent trend in today's modern world. Large companies outsource their different works to various service proving industries to become free of the hassle of appointing individuals and monitoring them. The outsourcings agencies are given contract of the work for certain duration and based on their performance and satisfaction obtained further assignments are given to them. Works like company management, revenue management, office handling and many more are outsourced generally.
An agile revenue management is very important to increase the efficiency of hospitals as disorganized revenue cycles results in decreased cash flow and accordingly lack of proper management and service aids. Perfect revenue management helps is carrying of structured and organized operations, accelerated cash flow, faster revenue monitoring and realization. High level of patient satisfaction can thus be provided by streamlining proper functioning and management of hospital. Many Hospitals outsource this task to other healthcare service provider companies in market for apt management of hospital functions. These companies deal with revenue cycle management right from admitting a patient to hospital, his/her treatment to discharge and account settling. Based on the type of outsourcing facilities provided the list of tasks carried out varies. The various steps monitored include pre-admission, pre-registration process along with insurance verification. It also manages the charge capture, medical billing, clinical documentation, medical coding, claims review, patient admission, stay management, review reason for bill non-payment and adopting corrective measures for better revenue realization.
Management solutions are also provided by service providing industries to various IT infrastructure consultancies and other companies a per the clients requirements. The services provided include network service, application services, desktop services, helpdesk services, security services, enterprise management services, process and technology consulting services. The management solutions are completely covered by this wide range of services provided. Both onsite and offshore services are managed properly. Turnkey solution is a type of operation in which the buyer has everything required to start up his business and must be able to implement the solution very quickly. It is mostly related to areas such as software processes as it can be revamped with little effort and is a ready to use domain. In the type of business solution the purchaser doesn't have to do additional work to get ready and use the solution. In majority of cases franchise businesses are sold to customers as turnkeys, but other businesses also fall under this category. Once a franchise is purchased by a customer, he pays some amount of fees upfront and then throughout the business tenure pays royalty fees.
